Auctioned Residential Properties Decrease in Number but Sales Rate Remains Unaltered

Date Published: 19 March 2024

Key Facts

• Residential properties offered at auction have been declining for the second week straight.
• A total of 489 properties were monitored at auctions in the week of 9-15 March, down from 573 and 619 in the preceding two weeks.
• The usual summer surge in activity may have already peaked, but a late jump in auction activity might occur in the last two weeks of March.
• The overall sales rate, at 33%, has remained consistent for the past month with 166 properties sold under the hammer.
• Among the properties sold, where a comparison with their rating valuations was possible, 39% fetched prices equal to or exceeding their valuations.

Article Summary

The number of residential properties offered for sale at auctions in New Zealand has been on a downward trend for the second consecutive week. In the week of 9-15 March, Interest.co.nz monitored 489 properties at auctions across the country, which marks a decrease from the counts of the preceding two weeks standing at 573 and 619.

This downward trend suggests that the commonly observed summer surge in auction activity might already be at its peak. However, considering that March is usually the busiest month of the year for auctions, it is possible that there may be a late increase in activity in the last fortnight of the month.

Despite a decline in auction numbers, the overall sales rate has remained steady without witnessing alterations, hovering around 33% for the past month. In numerical terms, 166 properties were sold under the hammer. In cases where properties’ selling prices could be compared with their rating valuations, approximately 39% achieved equal or higher prices.

Source Link: To read the full article, click here.